Origami Energy, a UK-based supplier of distributed energy management software, has raised £18.6m ($26.3m) from investors including power production services provider Aggreko and companies related to shipping group Fred. Olsen.
The round also featured investment firm Octopus Ventures and Cambridge Innovation Capital (CIC), which focuses on companies emerging from the University of Cambridge and the Cambridge Cluster. Aggreko did not disclose the size of its investment but took a 14% stake through the deal.
Founded in 2013, Origami Energy has built a software platform that enables distributed energy assets to be managed and controlled more effectively. It also manages the development process for energy storage projects.
The funding will be used to grow Origami’s business in the UK as it looks to form more strategic partnerships with energy providers and expand internationally. It recently agreed partnership deals with SmartestEnergy and Good Energy.
Dan Ibbetson, managing director of Aggreko Global Solutions, said: “This investment provides excellent new opportunities to both Aggreko and our customers. Energy markets are changing and investments like this make sure we are well-positioned to take advantage of these changes, now and in the future.
“Our global reach and diverse customer base, matched with the innovative capability of Origami Energy, will provide both businesses with significant growth opportunities.”
CIC invested $2m in Origami as part of a 2014 seed round sized at approximately $6.4m, and joined Fred. Olsen companies and Octopus for a $19.3m round two years later.